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LAHORE: The Quaid-e-Azam Solar Power Limited (QASPL) has approved Rs1.5 billion dividend for the Punjab government in order to assist and tackle the ongoing economic crunch and further the government’s vision to provide relief to the general public.

The Board of Directors of QASPL took the decision in its 78th board meeting that was chaired by Chairman Zaheer Ahmed Ghangro and attended by Secretary Energy Department Ajmal Bhatti and Chief Executive Officer QASPL Muhammad Badar-ul-Munir, Prof Dr Sohail Qureshi and Kh Khawar Rashid.

The Quaid-e-Azam Solar Power (Pvt) Limited of the Punjab Energy Department was incorporated on 16th September 2013. It had earlier paid dividends to the Punjab government worth Rs2.7 billion out of its profits.

The QASPL has set up a 100MW solar power plant at Laal Suhanra, Bahawalpur, and injected over 1,100 GWh (1.2 billion units) into the national grid earning sales revenue of Rs23.844 billion. Several operational efficiencies together with economical deployment of resources have allowed QASPL to record net profits of Rs11.797 billion to date.

Following the recent announcement of dividends, the QASPL has not only repaid 100% of the equity investment received from the Punjab government but also a surplus amount of Rs390.215 million.

Copyright Business Recorder, 2022

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samir sardana Jul 24, 2022 10:44pm
QASP has a cash profit of Rs 270 crores in 2021 (PAT + DEPRECIATION + PROVISIONS) Its LONG TERM DEBT PAID in 2021 was only 110 crores,which is just 40% of cash profit Its interest cost in FY 21 was only 70 crores down from Rs 123 crores in FY 20 (due to debt repayments) The FY 22 debt due is ONLY 123 crores - so in 2-3 years it will have NIL DEBT & NIL interest cost .Insurance costs are also only 4-5 crores per annum.It has NIL FX OPERATIONAL EXPOSURE ( only a small sum for consultant fees) QASP gets a mark up up delayed payments from GRID It makes no sense to retain earnings & pay tax on interest - when the GOP is borrowing money TO RAISE MONEY IN CSP OR SOLAR - YOU NEED A TRACK RECORD - WHICH IS PROVEN BY QASP.. FUTURE PROJECTS WILL BE PROJECT FUNDING,ON THE TRACK RECORD OF QASP - & GOP EQUITY MAY NOT BE REQUIRED AT ALL - AS PE & VC WILL LINE UP THUS, EITHER MAX OUT THE DIVIDEND PAYOUT OR CREATE SINKING FUND FOR SELF INSURANCE & SCRAP INSURANCE POLICY.dindooohindoo
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